Report shows Tampa Bay’s median home price surpasses the national average.

According to the latest Redfin report, the national median home price experienced its most significant increase since October 2022, jumping by 6.1% year-over-year to $362,725 in the four weeks ending February 11th. Mortgage rates are also climbing, contributing to rising costs. Daily average rates have exceeded 7%, up from 6.6% at the start of the month.

In Tampa Bay, the median home price sits above the national average at $371,000, marking a 2% year-over-year increase. Data suggests it’s on track to surpass the previous high of $383,000 set in 2022. New listings in the Tampa Bay area have surged by 20% compared to the same period last year. Additionally, 44% of homes sell within two weeks of listing.

The week of the Super Bowl serves as a significant indicator of the housing market’s trajectory, as noted in the report. Redfin Economic Research Lead Chen Zhao stated, “The Super Bowl is like Groundhog Day for real estate economists; we usually have a read on how the market is shaping up by the beginning of February, and the read this year is that it’s looking sluggish so far.” With an unexpected rise in inflation, the Federal Reserve is unlikely to lower interest rates next month, meaning mortgage rates will likely remain near 7%.

Tampa Bay ranks fourth in the nation for inflation concerns, with a 3.9% year-over-year increase. You can access the full Redfin report here.

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